ST. LOUIS -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, posted quarterly results showing sales growth of 21.2 percent, along with a 151 percent increase in quarterly net income.
Sales for the first six months of the year reached nearly $2.6 billion, an increase of 20 percent as compared to the same period last year. Net income for first half of the year grew to $35.4 million, a 172 percent increase for the same period in 2010.
"With another quarter of strong sales and earnings growth, we outperformed the economy as a whole," said Robert A. Reynolds, Jr., chairman, president and chief executive officer of Graybar. "We have seen growth opportunities across all of the markets we serve, and June was the best sales month in our company's history. Graybar's performance comes from our consistent execution of the company's strategy, which includes investments in our logistics platform, technology, and most importantly, the development of our employees. This long-term approach drives our company's success as we work to our customers' advantage."